Top News Update 19/07/2017
1. CBN Extends Support to Skye Bank by One Year
2. FG to establish ICT development bank
3. FIRS Projects N1.8trn VAT Revenue for 2017
4. Nigeria sets top 16 largest economies target
5. Plans to deploy identity verification in insurance, other sectors underway – NIMC
6. NNPC, Halliburton search for crude in sedimentary basins
7. NEITI Warns Nigeria’s Economic Distress Could Persist
8. DPR Denies It Cost FG $6bn During Asset Sales by IOCs
9. Medview begins airlift of stranded London-bound passengers
10. Calabar port is safe for business – Port Manager
CBN Extends Support To Skye Bank By One Year
The Central Bank of Nigeria (CBN) has extended its guarantee to Skye Bank Plc for another year, just as it continues to consider the bank’s recapitalisation proposal, the bank revealed Tuesday. In an advertisement jointly signed by its Chairman and Group Managing Director, Messrs. M. K Ahmad and Tokunbo Abiru, Skye Bank said as part of efforts to stabilise the bank, it had successfully implemented its cost optimisation initiative, which has enhanced liquidity and efficient service delivery to its customers since the regulatory-induced takeover of the bank one year ago.
FG To Establish ICT Development Bank
The Federal Government will soon establish a specialised bank to cater to the development of the Information and Communications Technology industry, the Minister of Communications, Mr. Adebayo Shittu, has said. Shittu, who said this at the 13th International Conference of the Nigeria Computer Society in Abuja on Tuesday, also disclosed that the proposed ICT university would take off in September.
FIRS Projects N1.8trn VAT Revenue For 2017
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has presented a projection of N1.8 trillion Value Added Tax (VAT) revenue collection for the 2017 fiscal year. Speaking when he defended his agency’s 2017 budget before the Senate Committee on Finance yesterday, Fowler said the 2017 N7.441 trillion federal budget is expected to be driven by the proper collection of taxes.
Nigeria Sets Top 16 Largest Economies Target
The Acting President, Prof. Yemi Osinbajo, has said that ‘Nigeria is fast moving toward becoming one of the 16 largest economies in the world. Osinbajo made the statement on Tuesday at the palace of the Emir of Gusau, Alhaji Ibrahim Bello, as part of his one-day visit to Zamfara. He said the target could be achieved through unity and hard work by Nigerians. Osinbajo said the unity of Nigerians was paramount to the economic growth of the country.
Plans To Deploy Identity Verification In Insurance, Other Sectors Underway – NIMC
The National Identity Management Commission (NIMC) has disclosed that it plans to deploy the NIMC Verification Service (NVS) to the insurance and pension sectors, following the successful implementation and adoption of the platform by most financial institutions in the country. At separate forums organised by the Business Development and Commercial Services (BDCS) department, at the training centre of the NIMC headquarters in Abuja recently to demonstrate the verification procedures, Deputy General Manager of the BDCS department, Mrs. Carolyn Folami, while making presentations, noted that NIMC was committed to its mandate to be a one-stop shop for identity management in Nigeria.
NNPC, Halliburton Search For Crude In Sedimentary Basins
In its bid to pinpoint the exact location of viable crude oil deposits, the Research and Development Division of the Nigerian National Petroleum Corporation has entered into collaboration with the United States of America-based Halliburton Corporation in the ongoing search for commercial hydrocarbon in the inland sedimentary basins. The Group General Manager, R&D Division, NNPC, Dr. Bola Afolabi, said in Port Harcourt that the collaboration with Halliburton would help fast-track the inland basin exploration efforts through the use of the innovative Neftex solution designed to provide exactitude in drilling for oil.
NEITI Warns Nigeria’s Economic Distress Could Persist
The Nigeria Extractive Industries Transparency Initiative (NEITI), on Tuesday, warned that Nigeria might continue to experience deep economic challenges unless urgent steps are taken to halt her propensity to generate and spend almost all her revenue from oil and gas with very little left for savings. NEITI also condemned the country’s repeated fall back on the little revenue saved in dedicated accounts whenever she experienced any economic shock, noting that between 1980 and 2015, Nigeria exported crude oil worth about $1.09 trillion, but had just $3.9 billion in savings as at June 2017.
DPR Denies It Cost FG $6bn During Asset Sales By IOCs
The Department of Petroleum Resources (DPR) has denied the claims by the Nigerian exploration and production (E & P) operators that the federal government lost an estimated $6 billion as a result of its poor administration of the licenses of the oil blocks sold by the international oil companies (IOCs) between 2010 and 2015. Citing the position of the Nigerian E & P operators, THISDAY reported that the federal government lost an estimated $6 billion as a result of the agency’s poor handling of the expiring oil blocks, which were sold by the IOCs.
Medview Begins Airlift Of Stranded London-bound Passengers
Medview Airlines on Tuesday finally commenced the airlift of hundreds of London-bound passengers who were left stranded at the Murtala Muhammed International Airport in Lagos after the carrier failed twice in its bid to convey the travellers to their destination. It was gathered that about 700 passengers of the airline were to be airlifted on Tuesday and Wednesday, as the carrier had been able to secure aircraft for the purpose.
Calabar Port Is Safe For Business – Port Manager
Calabar Port is safe and has not recorded any case of hijacking of ships by pirates, the manager of the port, Mrs Olufunmilayo Olotu, has said. Olotu, who made the statement on Tuesday in Calabar in an interview with the News Agency of Nigeria (NAN), said that the port had also not recorded any form of threat from illegal maritime operators. She said that the port was safe for business in view of the large volume of vessels berthing with liquid products. “In terms of security, the marine police, the navy and other security agencies are on ground to ensure safety of the vessels along the water ways.